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Question 13 0.1 pts In 2020, Bob's mother gave Bob a used car for his birthday....
n 2020, Bob’s mother gave Bob a used car for his birthday. Bob’s mother purchased the...
n 2020, Bob’s mother gave Bob a used car for his birthday. Bob’s mother purchased the car in 2012 for $35,000. On the date of the gift, the car had an FMV of $20,000. What is Bob’s gross income from the receipt of the car?
5. Joseph exchanged farmhouse that he used in his farming business for a building used by...
5. Joseph exchanged farmhouse that he used in his farming business for a building used by Sandy in her motorcycle manufacturing business. The farmhouse had a FMV of $345,000 and cost $285,000. The allowable depreciation was $45,000, but because of an error, Joseph only took $25,000 of depreciation. The building had a FMV of $275,000 and an adjusted basis of $315,000. Because the building was expected to increase in value rapidly, Sandy only gave Joseph $45,000 cash. What is Joseph's...
This Question: 2 pts 5 of 42 (0 complete) 5 0.1 A used-car dealer gets complaints...
This Question: 2 pts 5 of 42 (0 complete) 5 0.1 A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day 0 1 2 3 4 6 D Probability 0.01 0.08 0.15 0.23 0.33 0.1 Find the expected number of complaints per day. The expected number of complaints per day is . (Type an integer or a decimal. Do not round your answer.)
PI:5-36 (similar to) Question Help Brogan received 700 shares of Denver Corporation stock from his unde...
PI:5-36 (similar to) Question Help Brogan received 700 shares of Denver Corporation stock from his unde as a gift on July 20, 2017, when the stock had a $175,000 FMV. His uncle paid $112.000 for the stock on April 12, 2002. The table gift was $175.000, because his uncle made another gift to Brogan for $22.000 in January and used the annual exclusion The uncle paid a gift tax of $17.500. Without considering the transactions below. Brogan's AGI is $80,000...
6. In 2013 Barry purchased for $12,000 a classic car that he planned to restore. (The...
6. In 2013 Barry purchased for $12,000 a classic car that he planned to restore. (The car needed a lot of work). However, Barry was too busy to work on the car so he decided to and did transfer the car to his daughter Victoria in 2016 as a gift. At the date of the gift to Victoria, the fair market value of the car had declined to $10,000. Victoria completed some of the restoration herself with an out-of-pocket cost...
True and False QUESTION 13 The fruit and tree metaphor is used to determine who must...
True and False
QUESTION 13 The fruit and tree metaphor is used to determine who must include an item of income in his or her gross income. True False QUESTION 14 Phil, age 15, who is claimed as a dependent by his parents, earned interest of $1,700 and wages of $500 in 2020. Phil's standard deduction is $1,050. True O False QUESTION 15 Issues regarding who is taxed on the income from community property are generally only important for federal...
Question 3 (50 marks) Bob’s Best Ads, a proprietorship created by Bob Best, did consulting work...
Question 3 (50 marks) Bob’s Best Ads, a proprietorship created by Bob Best, did consulting work relating to commercials for television and ads for newspapers. Bob’s Best Ads prepared the following financial statement: Bob’s Best Ads Unadjusted Trial Balance December 01, 2018 ACCOUNT DEBIT CREDIT Cash $ 32,000 Accounts Receivable 30,000 Supplies 4,000 Prepaid Advertising 20,000 Computer Equipment 60,000 Accumulated Amortization, Computer Equipment $ 0 Furniture 100,000 Accumulated Amortization, Furniture 0 Accounts Payable 40,000 Salaries Payable 8,000 Unearned Revenue 15,000...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his...
5. Ramon, a single taxpayer, has adjusted gross income for 2012 of $ 98,000 and his itemized deductions total $ 19,000. What taxable income will Ramon show in 2012? a. $ 73,550 b. $ 75,200 c. $ 92,550 d. $ 89,050 e. $ 70,050 6. Margaret and her sister support their mother and together provide 85 percent of their mother’s support. If Margaret provides 40% of her mother’s support: a. Her sister is the only one who can claim their...
Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence...
Question 212.56 pts On January 8, 2018, Sam, age 62, sold for $410,000 his personal residence which had an adjusted basis of $150,000. Sam purchased the home in 2013 and used it as his personal principal residence for the last three years. On May 1, 2018, he purchased a new residence for $520,000. For 2018, Sam should recognize a gain on the sale of his residence of: $10,000 $250,000 $260,000 $0 Flag this Question Question 222.56 pts Jody purchased a...
TAX RETURN PROBLEM #3 Josh Bari, age 40, is single. His Social Security number is 111-11-1111,...
TAX RETURN PROBLEM #3 Josh Bari, age 40, is single. His Social Security number is 111-11-1111, and he resides at 150-51 Ave. A, Tangers, NY 11234. Josh has a 5-year-old child, Kendra, who lives with her mother, Katy. As a result of his divorce in 2017, Josh pays alimony of $6,000 per year to Katy and child support of $12,000. The $12,000 of child support covers 65% of Katy’s costs of rearing Kendra. Kendra’s Social Security number is 123-45-6789, and...
5. Joseph exchanged farmhouse that he used in his farming business for a building used by Sandy in her motorcycle manufacturing business. The farmhouse had a FMV of $345,000 and cost $285,000. The allowable depreciation was $45,000, but because of an error, Joseph only took $25,000 of depreciation. The building had a FMV of $275,000 and an adjusted basis of $315,000. Because the building was expected to increase in value rapidly, Sandy only gave Joseph $45,000 cash. What is Joseph's...
This Question: 2 pts 5 of 42 (0 complete) 5 0.1 A used-car dealer gets complaints about his cars as shown in the table. Number of complaints per day 0 1 2 3 4 6 D Probability 0.01 0.08 0.15 0.23 0.33 0.1 Find the expected number of complaints per day. The expected number of complaints per day is . (Type an integer or a decimal. Do not round your answer.)
PI:5-36 (similar to) Question Help Brogan received 700 shares of Denver Corporation stock from his unde as a gift on July 20, 2017, when the stock had a $175,000 FMV. His uncle paid $112.000 for the stock on April 12, 2002. The table gift was $175.000, because his uncle made another gift to Brogan for $22.000 in January and used the annual exclusion The uncle paid a gift tax of $17.500. Without considering the transactions below. Brogan's AGI is $80,000...
True and False
QUESTION 13 The fruit and tree metaphor is used to determine who must include an item of income in his or her gross income. True False QUESTION 14 Phil, age 15, who is claimed as a dependent by his parents, earned interest of $1,700 and wages of $500 in 2020. Phil's standard deduction is $1,050. True O False QUESTION 15 Issues regarding who is taxed on the income from community property are generally only important for federal...
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